Dear LCX community,
On November 9th, 2022, we had the most engaging and supportive AMA in our official Telegram chat, where our CEO, Monty C. M. Metzger (@montymetzger) answered questions from the community on various topics related to the platforms, our objectives, upcoming launches, and more. We really appreciate the warm conversation with the community and would like to share the summary of our live Ask Me Anything (AMA) session, moderated by community moderator “King” & “Alex”.
Community Host
Let’s welcome our LCX @montymetzger to this month’s AMA
Community Host
Good to have you here once again @montymetzger ?
Community Host
Welcome @montymetzger ?✅
Community
Hey @montymetzger ?
Community
welcome
Community
???
Community Host
Welcome everybody! Hallo und Hoi $LCX community.
Community
I saw some comments on twitter that some questions have not been answered in our past AMA’s. We always try to answer as many questions as possible – also today.
Community
Let’s get started
Community Host
Very nice ✅
Community Host
A lot is happening in the ecosystem at the moment and so many rumors are flying from FTX, SOL and its ecosystem, and many more developments. The community is also worried about your whereabouts whilst, I just told them you’re very occupied working tirelessly to ensure LCX progress and the amazing thing is that the number of KYC applications over the last 24 hours is overwhelming. Could you please give us some insights the community is eager to hear from you @montymetzger
Community
The crypto industry is never boring.
Community Host
That’s true.
Monty Metzger, CEO
Just a few days ago we spoke with the former team of Liquid Exchange – which has become FTX Japan. FTX acquired Liquid just recently. And now another big merger incoming eventually.
Monty Metzger, CEO
In light of the FTX crisis, we would like to first and foremost empathize with those affected.
We are worried to hear the rumors that customer funds might have been used inappropriately.
Monty Metzger, CEO
Next, we want to remind our LCX community that Your Funds Are Safe and highlight what makes LCX safer than many competitors.
Community Host
Very important for all LCX USERS
Community Host
Good to hear this?
Community Host
Indeed?
Monty Metzger, CEO
We are a regulated and Liechtenstein based company. At the core of LCX we are very swiss-german mentality – while being a global tech startup. This means that we are super cautious and precise in everything we do. It sometimes causes our community of users to complain about our slow pace but in times of crises, it pays to in Liechtenstein.
Monty Metzger, CEO
In February 2021 I posted an CEO update: https://www.lcx.com/driving-value-creation-montys-company-update/
Community Host
Great!
Monty Metzger, CEO
I explained about our 8 registrations we gained based on the blockchain laws in Liechtenstein. Since then we are the only company in Liechtenstein who has gained so many registration. That’s more than any Bank, such as Bank Frick or other exchanges, such as Bittrex, who are also in Liechtenstein.
Community Host
Very nice !
Monty Metzger, CEO
Back in 2021 I already explained that LCX is providing the highest standards of investor protection, segregation and insolvency protection for client funds and legal clarity for digital assets.
Monty Metzger, CEO
This is the case until today and will be for the future.
Monty Metzger, CEO
LCX AG (the company operating LCX .com) is audited by Grant Thornton and our audits also include the segregation of funds.
Community Host
Awesome!
Monty Metzger, CEO
In addition we have a well educated compliance team at LCX including former employees from HSBC, Royal Bank of Scotland (RBS) or Deutsche Bank. They are also responsible for our Risk Management.
Community Host
That’s huge ?
Community Host
That’s incredible ?
Monty Metzger, CEO
At LCX, we are very fortunate to have strong risk management measures and conservative budgeting practices. Our risk based approach is also relevant for our due diligence and our crypto compliance suite.
Monty Metzger, CEO
You could say that we had disadvantages with a smaller market share than our competitors during the bull markets. Some market participants seem to be too greedy, too aggressive in scaling which is not sustainable. We fulfill our fiduciary duties and can sleep at night knowing that our community’s assets are not at risk.
Monty Metzger, CEO
Also LCX is very well positioned for the future, in the short to long-term, as survivors of the down markets….. ready to establish the next generation of platforms.
Community Host
The FUTURE
Monty Metzger, CEO
And there are a lot of things in the pipeline which we have been preparing relentlessly – I can share some insights today
Community Host
???
Community Host
Thanks for the great updates ?
Community Host
As related to the insight you just shared. Let me draw this question from the community and also in reference to the huge numbers of KYC applicants I saw which is huge.
*You mentioned that you went to #NFTLondon this year to talk about NFTs in the Banking Industry: New Values to Attract and Retain Customers. Could we have an insight to how this went?*
Monty Metzger, CEO
Unfortunately I had to cancel my personal attendance and I was not able to attend the NFT London. And actually I heard I did not miss much https://twitter.com/drnicka/status/1588836869382754305?s=12&t=ZKiyK7gfhsEuOKWHMx45aQ
Monty Metzger, CEO
https://twitter.com/DrNickA/status/1588837084571148290
Monty Metzger, CEO
We have to be selective with events we attend. Plan B Forum in Lugano was beyond our expectations.
Community Host
Awesome!
Community Host
Nice Monty
Community Host
Lets go to the next question ?
Monty Metzger, CEO
At Plan B Forum I held a Masterclass with the title “How to raise millions in an initial #token #coin offering? The legal way!”
The room was packed with every seat taken and people standing at the back. Many questions.
Community Host
Awesome ?
Monty Metzger, CEO
LCX was presenting the networking dinner with several thousand attendees. https://twitter.com/lcx/status/1586037343135436803
Community Host
Great, that’s good for more adoption ?
Monty Metzger, CEO
At Lugano Plan B several colleagues and LCX team members were attending as well. We had a booth and spoke to many companies interested in launching their token at LCX Token Sale Manager. Many new projects in the pipeline. Eventually we are looking for the next Solana, the next Polygon, the next Liquid Blockchain, the next Tether…. There are so many exciting projects out there. And they all need a compliant way to issue their token. LCX can do this with them.
Monty Metzger, CEO
And every new token sale project, means more users at LCX, more usage of LCX utility token and ultimately – growth.
Community Host
That’s great Monty ! ??
Community Host
Now the next question
Community Host
@LCX often hypes their partnership with @quant_network. In fact, @LCX has tweeted about it over 50 times while
@quant_network has only mentioned it twice over a year ago. How is this partnership progressing? $QNT ? $LCX
Community Host
Shoot on?
Community Host
Next question @montymetzger ??
Monty Metzger, CEO
Monty Metzger, CEO
Monty Metzger, CEO
I had discussions and meetings with many key players, including founders of Polygon, Adam Back of Blockstream, CTO of Tether and many more.
Community Host
Well connected worldwide.
Monty Metzger, CEO
Bitcoin Lightning is now a key element of LCX’s product roadmap
Community Host
Thanks for the update.
Community Host
@KatarinaMetzger is listed second right under Monty on the Management and Advisors for $LCX. She is a “member of the board.” Who are the other members? We would love to learn more about the @LCX team and what their roles with the company are. We only ever hear from Monty.
Community Host
This particular question is from the likes of @ginnythegreat etc
Monty Metzger, CEO
Every project needs to have an innovative idea, but it takes a strong team to bring that idea to reality. LCX has both — a brilliant idea and a team of like-minded professionals who are dedicated to building a sustainable ecosystem. I am the founder and chairman of LCX – and most of the time also the public representative.
Katarina Metzger is a board member of LCX, Anurag Verma is the director of technology, and our advisory board is comprised of some of the top names in the blockchain industry, including Don Tapscott, Jimmy Wales, Yat Siu, Frank Gessner, among others.
To know more about our team and advisory board, read here: https://www.lcx.com/about/
Community Host
Very Nice Monty
Community Host
Next question is
Community Host
In your last AMA, you said that @GaryGensler and @SECGov were in discussions with @LCX and that $LCX might be the first crypto token to be deemed a utility. When can we expect to hear this announcement? What progress has been made in the last month to convince them?
Community Host
@montymetzger I’m getting some private messages on this. The community wants to hear from you on this particular question.
Monty Metzger, CEO
Well, it is not so much a “discussion” but there is some information exchange happening. I am quite skeptical about the current “regulation by enforcement” approach by the SEC.
In detail, the SEC has requested information from Liechtenstein authorities. In response, we published an open letter to Liechtenstein’s Prime Minister. We asked Liechtenstein authorities in the open letter to uphold Liechtenstein’s Blockchain Act as a framework to give legal clarity for its market participants, such as LCX AG, and their users. Don’t let foreign authorities undermine Liechtenstein’s legal framework for the token economy.
We urged the government to respond as the reaction by the Liechtenstein government and the Financial Market Authority (FMA) Liechtenstein in this case is of great importance for the blockchain industry. It is the tipping point of whether Liechtenstein is standing for its beliefs to establish a token economy of compliant, trustworthy, and innovative blockchain and crypto companies.
LCX token is classified as a utility token. Well known US lawyers also confirmed that LCX token is NOT a security according to howey test.
More details are mentioned in the open letter, read here: https://www.lcx.com/open-letter/
Community Host
That’s very good ?
Community Host
Guys, this is related to this particular question: https://t.me/joinLCX/317557
Monty Metzger, CEO
Quant and LCX have several values in common. One key element is that we think long-term and develop things step by step. That’s the reason there is no quick-PR gag we have announced. It is an on-going process which is showing first results and successes.
We have just announced that we have implemented the Quant network at LCX platform. And that LCX is the first platform to launch and support a Quant native asset – a QRC-20 token.
Community Host
Awesome development??
Monty Metzger, CEO
LCX is the world’s first company supporting the Multichain #QRC20 Token standard for Galileo’s LEOX utility token!
Community Host
Interesting ✍
Monty Metzger, CEO
For this LCX has worked closely with the Galileo team and Quant to make this vision become a reality.
Community Host
Huge !
Monty Metzger, CEO
Let’s open the chat for questions. And let’s try to answer as many questions as possible
Community Host
Thanks for the update
Community Host
Many are saying the revamp was underwhelming and many of the same interface and liquidity problems still exist making the $LCX exchange difficult to use. Will there be a revamp 2.0 to fix all of these issues and when can we look forward to that?
Community Host
This is for my community ?
Monty Metzger, CEO
For LCX as a whole LCX Revamp was a big milestone!
The newly added feature includes
– New Intuitive UI and UX: seamless, intuitive, and easy-to-use interface.
– Enhance Security: The newly revamped exchange implements state-of-the-art security to ensure users’ privacy and protection.
– Simplified login process: Users can log in easily, quickly, and hassle-free with LCX.
– Scalable Trading Engine: Hassle-free trading, smooth functionality, and Increased user base
– Faster and Automated Withdrawals: No Approvals are required for withdrawal, time-saving and secure
Monty Metzger, CEO
We are aware that some of our users are experiencing problems, and we are working diligently to resolve the issue and improve user-experience. The launch was not perfect. We could have done better.
Monty Metzger, CEO
But now most small bugs are also fixed and we have a much smoother and faster trading experience. LCX Exchange is now ready to grow in users and liquidity.
Community Host
Great, we are pleased to hear this ?
Monty Metzger, CEO
There is a saying in silicon valley “If You’re Not Embarrassed By The First Version Of Your Product, You’ve Launched Too Late”
Community Host
?
Community Host
Guys, get set with your questions ??
Community Host
Opening the chat soon for an interactive session ??
Monty Metzger, CEO
But as you know, the LCX Exchange Revamp was only the revamp for web / desktop.
Next up is the big revamp of LCX Mobile.
Community Host
Very nice ????
Community Host
Great??
Monty Metzger, CEO
Getting better everyday. Improving +% everyday.
Community Host
Was LCX Token getting supported at Coinbase the result of some agreement with LCX and Coinbase, or did they decide to support it on their own?
Monty Metzger, CEO
Not sure about this question. But Coinbase is a strong partner for LCX. They also share the value of getting the balance right between regulation and innovation.
After the FTX disaster some might call for more strict regulation – but this is also wrong. We don’t need more strict rules which are ultimately excluding and hurting the retail investors. We need smart regulation and legal clarity. Similar to Liechtenstein’s Blockchain laws.
Coinbase made it clear that they did not list any securities. https://www.coinbase.com/blog/coinbase-does-not-list-securities-end-of-story
Community
Do you think CZ and Binance might get in trouble because of their past sometime? Or are they too big to fail? CZ seems to own the cryptospace with all his capital
Monty Metzger, CEO
I am worried about the creation of monopolies. This is never good for an industry.
We thought FTX was too big to fail, but we were all wrong.
Monty Metzger, CEO
Binance has lots of problems already and many lawsuits on the table. Binance also got “kicked out” of Liechtenstein two times….. They wanted to buy a bank, but the deal got refused by the regulator.
CZ’s public tweets manipulated the markets, and stepped their partner (binance invested in FTX) in their back with the goal to destroy them. As of today it is unclear if the acquisition of FTX will happen, they only signed a non-binding term sheet. Let’s see how this plays out.
Community
So Coinbase is a PARTNER? Which means there is a partnership. Can you delve into this, please?
Monty Metzger, CEO
LCX Token is supported by Coinbase Custody – making it available to large investors and institutions.
Also LCX Token is listed at Coinbase and Coinbase Pro, supporting all Coinbase products, Coinbase Wallet and Coinbase Mobile.
Community Host
What does LCX stand for?
Monty Metzger, CEO
LCX is operating LCX .com and you can find us at @LCX on twitter.
LCX stands for Liechtenstein Cryptoassets Exchange.
Community Host
When will there be more Fiat ramps? Bank Frick can help there too
Monty Metzger, CEO
We’ll share an update on Fiat on ramps before Christmas this year – hopefully sooner.
Bank Frick is a small local bank who also holds 2 blockchain registrations.
We often have to explain to projects that LCX is registered custodian – no need to work with Bank Frick.
LCX can help you incorporate a company in Liechtenstein with your initial capital paid in with BTC or ETH. You can use Bitcoin as initial company capital. Deposit your BTC at LCX, LCX will give you a confirmation letter of the deposit for the commercial register and for the notary to open the company.
We have done this already for a company this year.
I don’t know another country where you can incorporate a company with Bitcoin. ?? Leading the way.
Community Host:
The AMA session with Monty has finally come to an end.
We’re thankful for your support and for the amazing response to the AMA session with the CEO.
Also, we are indeed overwhelmed by all our esteemed community members, for their support and vitality towards the project.
For more information regarding LCX and the latest updates, you may visit LCX Insights
Thanks to all of you! The $LCX Community is amazing!
Disclaimer: This content contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates, and intentions we express in these forward-looking statements and in other public filings and press releases. We may not achieve all of the expected benefits of our strategic initiatives and partnerships. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other market challenges, could limit our ability to achieve some or all of the expected benefits of these initiatives. This content is not financial advice and should not form the basis of any financial investment decisions nor be seen as a recommendation to buy or sell any good or product. Trading cryptocurrency is complex and comes with a high risk of losing money, particularly if you trade on leverage. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to lose.
